Internet of Things attacks could end up costing the UK more than £1billion per year if IOT security issues are not addressed and so concerns around cyber security in digital IOT have been mounting for some time now. It is estimated that by 2020 we will be operating 50 billion digital Internet of Things devices, yet as the gadgets become increasingly interconnected through households and businesses, there are huge concerns over device security levels and the data protection issues that they generate.

What methods are being implemented to improve cyber security in digital IOT?

Improvements led by UK Government – On the 30th April 2019, the Department for Digital, Culture, Media & Sport (DCMS), the National Cyber Security Centre (NCSC) and independent household product tester Which, met to discuss consumers’ privacy and online security.  All parties involved expressed their commitment to ‘prioritise security in design, development and ongoing support for digital IOT products’, so that consumers may use IOT products securely and without worry.  Read the full article at: https://www.gov.uk/government/news/government-and-tech-industry-collaborate-to-improve-cyber-security-of-iot-devices

Improving Secured Access with Intrinsic ID – USA and Netherlands-based company Intrinsic ID have recently received a government loan for £11 million pounds to ‘expand its engineering, product support and research and development facilities’ and explore new methods of digital security within the digital IOT sector.  The company provides digital authentication solutions to reinforce cyber security and is looking to integrate its digital fingerprint technology with IOT products.  It is hoped that this type of authentication may be implemented to offer a ‘high level of identity protection for connected devices’. Read more at: https://www.governmenteuropa.eu/internet-of-things-security/93323/

Upgrading the UK network to 5G - 5G is anticipated to be almost 100 times faster than our current network and whilst this sounds fantastic for current smartphone users, it is anticipated that this capacity will be required primarily to support a much larger number of digital IOT gadgets, as they come to market.  How 5G will be fully launched is still in debate with UK Government as specific areas and cities are currently being earmarked to launch and test the network before it is adopted by the whole country. Securing the network will be the ultimate challenge in supporting our smart devices of the future. Read more at: https://www.csoonline.com/article/3399000/privacy-by-design-cybersecurity-and-the-future-of-5g.html

Feedback from Consumers - In a recent poll by Harris Interactive, a representative sample of 1,052 UK consumers were surveyed to understand their opinions with regards to digital IOT products in the home. The following outcomes by a majority were concluded:

  • Legislation for digital gadgets is indeed a good place to start
  • Some kind of clear labeling system as to how the relevant IOT product have been tested and what requirements have been met would be useful when making a buying decision
  • The current situation for digital IOT is not robust enough and there is worry as to how personal data is accessed as well as how easily it may be stolen
  • All age groups have concerns in terms of data protection
  • Education in this new technology revolution is paramount to all sides.

 

Crendon Insurance Ltd is supporting Innovators and Manufacturers of IOT Goods

Here at Crendon Insurance Ltd we specialise in supporting innovators, entrepreneurs and businesses who use Digital IOT software to connect gadgets. Digital IOT offers an exciting and innovative platform for new devices to emerge. We appreciate that companies within this field are exploring many new ways in which to develop devices with cyber security at the forefront of their development and so our company aims to support businesses of this type. Our tailored Digital IOT insurance packages are specifically designed for individual businesses, throughout the development stage through to market launch. To find out more about IOT insurance, please contact us for a confidential review.

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